At the birth of a girl, what amount should her mother invest in order to provide the daughter with ₱25,000  at the age of 21 years if the money earns 4 and 3/8 % compounded quarterly?

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)
5th Edition
ISBN:9781305084766
Author:Saeed Moaveni
Publisher:Saeed Moaveni
Chapter20: Engineering Economics
Section: Chapter Questions
Problem 5P
Question

At the birth of a girl, what amount should her mother invest in order to provide the daughter with ₱25,000 
at the age of 21 years if the money earns 4 and 3/8 % compounded quarterly?
a. ₱ 685.23 
b. ₱ 10,025.32 
c. ₱ 2,801.57 
d. ₱ 8,250.50

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